Detailed FX Market Outlook and Analysis

GBP/USD Daily Analysis 03-June-2022

GBP/USD Daily Analysis

Intraday bias in GBP/USD remains neutral and the outlook is unchanged. On the upside, above 1.2666 will resume the rebound from 1.2154. Sustained 55 days EMA (now at 1.2729) will target 1.2999 support turned resistance. On the downside, though, the break of 1.2457 minor support will turn bias back to the downside for retesting the 1.2154 low instead.

In the bigger picture, a fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low) or resuming the longer-term downtrend. A deeper decline is expected as long as 1.2999 support turned resistance holds. On resumption, the next target is 1.1409 low.

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